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Non - financial institutions to pay service management approach

Non - financial institutions to pay service management approach

Classification:
Legal Column
2018/12/25 08:49
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People 's Bank of China Order [2010] No. 2

According to the Law of the People's Republic of China on People's Bank of China and other laws and regulations, the People's Bank of China formulated the Measures for the Administration of Payment Services for Non-financial Institutions, which was approved by the 7th meeting of the President of the People's Republic of China on May 19, September 1, 2010 shall come into force.

President: Zhou Xiaochuan

June 14, 2010

Non - financial institutions to pay service management approach

Chapter 1 General Provisions

Article 1 These Measures are formulated in order to promote the healthy development of the payment service market, standardize the payment of services by non-financial institutions, guard against the payment of risks and protect the legitimate rights and interests of the parties according to the laws and regulations of the People's Republic of China.

Article 2 The non-financial institution's payment service referred to in the present Measures means that the non-financial institution provides the following part or all of the money transfer service as an intermediary between the receiving and paying parties:

(A) network payment;

(2) the issuance and acceptance of prepaid cards;

(3) bank card receipt;

(4) other payment services as determined by the People's Bank of China.

The term "network payment" as mentioned in the present Measures refers to the transfer of monetary funds between the payee and the private network, including currency exchange, Internet payment, mobile phone payment, fixed telephone payment, and digital television payment.

The prepaid card referred to in the present Measures refers to the prepaid value issued for the purpose of profit, and the purchase of goods or services outside the issuer, including the use of magnetic stripe, chip and other technology to card, password and other forms of prepaid card issued.

The term "bank card collection" as mentioned in the present Measures refers to the act of collecting monetary funds for special merchants through a point-of-sale (POS) terminal.

Article 3 Where a non-financial institution provides payment services, it shall obtain a "payment business license" in accordance with the provisions of these Measures and become a payment institution.

The payment agency shall accept the supervision and administration of the People 's Bank of China according to law.

No non-financial institution or individual may engage in or disguise any payment business without the approval of the People's Bank of China.

Article 4 The transfer of monetary funds between the payment institutions shall be entrusted to the banking financial institutions and shall not be handled in the form of monetary funds or other payment institutions.

The payment institution shall not handle the transfer of monetary funds between the banking financial institutions except as specifically granted.

Article 5 The payment institution shall follow the principles of safety, efficiency, integrity and fair competition without prejudice to the interests of the state, the public interests and the legitimate rights and interests of the clients.

Article 6 The payment institution shall abide by the relevant provisions of anti - money laundering and perform its anti - money laundering obligations.

    Chapter II Application and Permission

Article 7 The People's Bank of China shall be responsible for the issuance and management of the "payment business license".

Application for "payment business license", subject to the location of the People's Bank of China branch review, reported to the People's Bank of China approved.

The term "branch of the People's Bank of China" as mentioned in the present Measures refers to the branches of the People's Bank of China under the sub-provincial city center branch.

Article 8 The applicant for the "payment business license" shall meet the following requirements:

(1) a limited liability company or a joint stock limited company established in accordance with the law within the territory of the People 's Republic of China and is a legal person of a non -

(2) having a minimum registered capital in accordance with the provisions of these Measures;

(3) having investors who meet the requirements of the present Measures;

(4) having more than five senior executives who are familiar with the payment business;

(5) having anti-money laundering measures that meet the requirements;

(6) having a payment service facility that meets the requirements;

(7) having sound organizational structure, internal control system and risk management measures;

(8) having the required business premises and safety and security measures;

(9) The applicant and his senior management personnel have not been punished for failing to use the payment business to carry out illegal or criminal activities or to pay for illegal activities in the last three years.

Article 9 Where the applicant intends to engage in the payment business on a national basis, the minimum registered capital shall be RMB 100 million; if the applicant is to engage in the business within the scope of the province (autonomous region or municipality directly under the Central Government), the minimum registered capital shall be 30 million RMB. The minimum amount of registered capital is the paid-in monetary capital.

In this way, the Company is engaged in the payment business on a nationwide basis, including the establishment of branches by the applicant across the province (autonomous region or municipality directly under the central government), or the circumstances in which the clients can pay the business through inter-provincial (autonomous regions and municipalities).

The People's Bank of China shall adjust the minimum registered capital of the applicant according to the relevant laws, regulations and policies of the State.

The scope of business of foreign-funded payment institutions, the qualifications of overseas investors and the proportion of capital contribution shall be separately submitted by the People's Bank of China and submitted to the State Council for approval.

Article 10 The principal investor of the applicant shall meet the following conditions:

(1) a limited liability company or a joint stock limited company established in accordance with the law;

(2) To provide information processing support services for financial institutions for more than two years continuously or to provide information processing support services for e-commerce activities continuously for more than 2 years as of the date of application;

(C) as of the filing date, continuous profit of more than 2 years;

(4) In the past three years, the Company has not been punished for failing to use the payment business to carry out illegal activities or to pay for the criminal activities.

The main contributors mentioned in the present Measures include those who have the actual control of the applicant and the investor who holds more than 10% of the equity of the applicant.

Article 11 The applicant shall submit the following documents and materials to the local branch of the People 's Bank of China:

(1) a written application specifying the name of the applicant, the domicile, the registered capital, the setting up of the organization, the application for payment of the business;

(2) a copy of the company's business license (copy);

(3) the articles of association of the company;

(4) proof of capital verification;

(5) the financial and accounting reports audited by the accounting firm;

(6) Feasibility study report on payment business;

(7) anti-money laundering measures acceptance materials;

(8) proof of technical safety testing and certification;

(9) the resume of senior management personnel;

(10) Proof of non documented criminal record of the applicant and his senior management;

(11) Related materials of major contributors;

(12) Declaration of authenticity of application materials.

Article 12 The applicant shall, after receiving the notice of acceptance, announce the following matters as required:

(1) the registered capital and the ownership structure of the applicant;

(B) the list of major contributors, the proportion of shares held and their financial position;

(3) the payment business to be applied;

(4) the place of business of the applicant;

(5) to prove the technical safety inspection and certification of the business facilities.

Article 13 The branches of the People's Bank of China shall accept the applications that meet the requirements according to law and submit the preliminary examination opinions and application materials to the People's Bank of China. If the People 's Bank of China has examined and approved, it shall issue a "payment business license" according to law and make a public announcement.

"Payment business license" from the date of issuance, valid for 5 years. If the payment institution intends to continue to engage in the payment business after the expiration of the term of the "payment business license", it shall submit an application for renewal to the local branch of the People 's Bank of China within 6 months before the expiration of the term. The renewal of the People's Bank of China is 5 years.

Article 14 Where the payment institution changes one of the following matters, it shall, before applying for a change of registration to the company registration authority, the People's Bank of China agrees:

(1) altering the name of the company, the registered capital or the organization form;

(B) change the main contributors;

(3) merging or separating;

(D) adjust the business type or change the business coverage.

Article 15 Where a payment institution applies for termination of payment business, it shall submit the following documents and materials to the local branch of the People's Bank of China:

(1) A written application signed by the legal representative of the company, indicating the name of the company, the payment of the business, the termination of the payment business and the reasons for the termination;

(2) a copy of the company's business license (copy);

(3) a copy of the "payment business license";

(4) the protection of the legitimate rights and interests of customers;

(5) to pay the business information processing program.

Where the termination is granted, the payment institution shall complete the termination work in accordance with the approval of the People 's Bank of China and return the "payment business license".

Article 16 This Chapter shall apply the Measures for the Implementation of the Administrative Licensing of the People's Bank of China (the People's Bank of China Order [2004] No. 3) on matters not stipulated in the licensing procedures.

Chapter III Supervision and Management

Article 17 The payment institution shall engage in business activities in accordance with the business scope approved by the Payment Business License and shall not engage in business outside the scope of approval and shall not outsource the business.

The payment institution shall not transfer, lease or lend the "payment business license".

Article 18 The payment agency shall, in accordance with the requirements of prudent operation, formulate measures for payment business and safeguard the rights and interests of clients, establish and improve the risk management and internal control system, and report to the local People's Bank of China for the record.

Article 19 The payment institution shall determine the charging items and charging standards of the payment business and report it to the local branch of the People's Bank of China for the record.

The payment institution shall disclose publicly the fees and charges for its payment business.

Article 20 The payment institution shall, according to the regulations, submit to the branch of the People 's Bank of China the information such as the statistical report of payment business and the financial and accounting report.

Article 21 The payment institution shall formulate a payment service agreement, clarify its rights and obligations with the customer, the principle of handling disputes, and the liability for breach of contract.

The payment institution shall disclose the format of the payment service agreement publicly and report it to the local branch of the People's Bank of China for the record.

Article 22 Where a branch of a payment institution engages in the payment business, the payment institution and its branch office shall, respectively, go to the branch of the local People 's Bank of China for the record.

If the branch office of the payment institution terminates the payment business, it shall handle the case as mentioned in the preceding paragraph.

Article 23 When a payment institution accepts customers 'payment, it can only issue invoices to customers according to the payment service fee collected, and shall not issue invoices according to the amount of customers' payment.

Article 24 The payment of the customer accepted by the payment institution does not belong to the self-owned property of the payment institution.

The payment agency can only transfer the payment according to the customer-initiated payment order. Prohibit the payment agency in any form of misappropriation of customer payments.

Article 25 The payment institution shall record the following in the customer-initiated payment order:

(A) the name of the payer;

(B) the amount determined;

(3) the name of the payee;

(4) the name of the depositor's bank or the name of the payment institution;

(5) the name of the depositary bank or the name of the payment institution;

(6) the date of commencement of the payment order.

If the customer pays through the bank settlement account, the payment institution shall also record the corresponding bank settlement account. If the customer pays through a non-bank settlement account, the payment institution shall also record the name and number on the customer's valid identity document.

Article 26 Where the payment institution accepts the payment of the customer, it shall set up the deposit for the special deposit account of the commercial bank. Unless otherwise provided by the People's Bank of China.

The payment agency can only choose a commercial bank as a depository depository bank, and in a branch of the commercial bank can only open a reserve deposit account.

The payment institution shall sign a deposit deposit agreement with the legal entity of the commercial bank or the authorized branch office to clarify the rights, obligations and responsibilities of both parties.

The payment institution shall submit to the branch of the local People 's Bank of China the information on the deposit deposit agreement and the deposit reserve account.

Article 27 A branch office of a payment institution may not open a special deposit account with its own name in its own name and can only deposit the accepted deposit in the deposit reserve account opened by the payment institution.

Article 28 Where the payment institution adjusts the position of the special deposit account with different reserves, the legal entity of the depository depository bank shall review the balance of the special deposit account to be adjusted by the payment institution and review the opinions Inform the payment institution and the relevant depository bank.

The payment agency shall hold the review opinion issued by the legal person institution of the depositary depository bank to handle the position transfer of the relevant deposit account.

Article 29 The depositary depository bank shall supervise the use of the deposit deposited with the clients of the institution and, in accordance with the provisions, submit to the branch of the People's Bank of China and the depository depository The bank's legal institutions to submit the deposit or use of the customer deposit and other information.

The payment agency in violation of the relevant provisions of Article 25 to Article 28 of the application of the customer to pay the application or order, the depository bank should be rejected; found that customers are exempt from the use of funds or other unusual circumstances Shall immediately report to the legal person institution of the People's Bank of China and the depository bank of the depositary depository bank where the depositary depository bank is located.

Article 30 The proportion of the paid-in monetary capital of the payment institution and the daily balance of the customer's reserve shall not be less than 10%.

The average daily balance of the customers 'requirements as mentioned in the present Measures refers to the average of the amount of the total amount of customers' funds paid by the legal institutions of the depositary depository bank according to the daily payment of the daily payment of the payment institution in the last 90 days.

Article 31 The payment institution shall check the valid identity document or other valid identity document of the customer according to the regulations and register the basic information of the customer's identity.

Where the payment institution knows or ought to know that the customer has committed its criminal activities by using its payment business, it shall cease to pay for the business.

Article 32 The payment institution shall have the necessary technical means to ensure the completeness, consistency and non-repudiation of the payment order, to ensure the timeliness, accuracy and security of the business process; to provide disaster recovery and Emergency processing capacity to ensure the continuity of the payment business.

Article 33 The paying institution shall keep the trade secrets of the clients according to law and shall not disclose it. Except as otherwise provided by laws and regulations.

Article 34 The payment institution shall, in accordance with the provisions, properly keep the basic information of the customer's identity, pay the business information, accounting records and other information.

Article 35 The payment institution shall accept the on-site inspection and on-site inspection of the People's Bank of China and its branches on a regular or irregular basis and truthfully provide relevant information, and shall not refuse, obstruct or avoid inspection, shall not be false, conceal, and destroy relevant evidence The

Article 36 The People's Bank of China and its branches shall conduct regular or irregular visits to the corporate governance, business activities, internal controls, risk conditions and anti-money laundering work of the payment institution in accordance with the relevant provisions of laws, administrative regulations and the People's Bank of China Inspection and offsite inspection.

The People 's Bank of China and its branches shall conduct on - site inspection of the payment institutions according to law and apply the Provisions of the People' s Bank of China on Enforcement Inspection Procedures (No. 1 [2010] of the People 's Bank of China).
 
Article 37 The People's Bank of China and its branches may take the following measures to support it

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